Wondering what happens to your super when you change jobs?
In most cases, you can keep your super at First Super, even if you move to a new industry or a different kind of employment.
Here’s what you need to do.
TAKE FIRST SUPER WITH YOU WHEN YOU CHANGE JOBS
When you start at a new job, simply:
- Complete First Super’s Choice of Fund Form
- Hand the form to your new employer, not to us
That’s it – you’re done.
Your employer should start paying super contributions to your First Super account within two months.
What you need to know about ‘stapling’ rules
On 1 November 2021, ‘super stapling’ rules are started as part of the Government’s Your Future, Your Super laws.
This is where the Australian Taxation Office (ATO) ‘staples’ (or links) existing super accounts to members, so your super automatically moves with you when you change jobs. The aim is to stop people picking up multiple super accounts and paying extra sets of fees.
The only downside? The ATO decides your stapled account, so if you’re a member of more than one super fund, they might not link the account you want. To make sure you stay with First Super, we suggest you always use a Choice of Fund form.
WHY SHOULD YOU STAY WITH FIRST SUPER?
First Super is an industry super fund. That means we don’t keep profits for ourselves – we return them to members like you to keep building your super balance.
We also work hard to keep fees down, because we know every cent counts towards growing your super for the future you want.
And we aim to deliver strong results over the long term. For the 10 years to 30 June 2021, the First Super Balanced option returned an average of 8.39% per year*.
CAN EVERYONE CHOOSE THEIR OWN SUPER?
In most cases, yes. Occasionally, you might work for an employer who has an overriding enterprise agreement or workplace determination made before 1 January 2021 that limits the super fund(s) you can use for that job.
NOT YET A FIRST SUPER MEMBER?
At First Super, we believe in value for money, financial advice without strings attached, and super education and support for every stage of your life and career. Sound like something you could be interested in…?
We’re here to help. So let’s talk.
If you are not sure whether you are eligible to choose your super fund, or if you have any other questions, please call our Member Services Team on 1300 360 988, or email us.
*Past investment returns are not a reliable indicator of future returns.